An Indian businessman in Singapore is set to launch a USD 300 million Initial Coin Offer with the support of a multi-million dollar mining infrastructure for businesses across Asia, including for Indian investors.
The token Initial Coin Offer (ICO) aims to raise USD 15 million from next month, said Vikas Gupta, chief executive officer of Miners at Work (MAW) which is building virtual crypto-currency infrastructure in Singapore.
"We have a strong feedback and interest from Indian and Asian investors," said Gupta of the upcoming ICO launch and MAW infrastructure.
The pre-ICO launch will be on December 6, followed by a public crowd-sale from January 5, 2018.
MAW experts are working on the ICO and infrastructure from the head-office in Singapore and back-office in Gujarat.
MAW "GINNI" tokens will be listed on at least two exchanges, allowing investor to trade and exchange them with other tokens, Gupta said.
"The MAW proposal is designed for savvy investors and crypto-currency businesses to profit from virtual currency trade. It will also make mining process user friendly for new miners of cryptos," he said.
The MAW ICO is different from other crypto-currencies issues as it has a business process in place, said Gupta, who is also the chairman of the sales committee of USD 1 billion Sim Lim Square, one of the largest electronics shopping hubs in Asia.
A pilot project has been tested with necessary space, power and team, he said about the MAW infrastructure.
Proceeds from MAW ICO will be used for installing mining servers, FASTCOIN crypto Auto Teller Machines (ATM) and develop new value-added products, he said.
The first ATM will be installed in Singapore in a month.
The expansion will be driven by token demand, since the value created for virtual currency has been strong in the past years, Gupta said.
A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and control the creation of additional units, and to verify the transfer of assets.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)